Text available as:

Shown Here:Introduced in House (01/31/2012)

112th CONGRESS2d Session

H. R. 3849

To amend the S.A.F.E. Mortgage Licensing Act of 2008 to
provide an exception from the definition of loan originator for certain loans
made with respect to manufactured homes, to amend the Truth in Lending Act to
modify the definition of a high-cost mortgage, and for other
purposes.

IN THE HOUSE OF REPRESENTATIVES

January 31, 2012

Mr. Fincher (for
himself, Mr. Donnelly of Indiana, and
Mr. Gary G. Miller of California)
introduced the following bill; which was referred to the
Committee on Financial
Services

A BILL

To amend the S.A.F.E. Mortgage Licensing Act of 2008 to
provide an exception from the definition of loan originator for certain loans
made with respect to manufactured homes, to amend the Truth in Lending Act to
modify the definition of a high-cost mortgage, and for other
purposes.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1.Short title.

This Act may be cited as the
“Preserving Access to Manufactured Housing
Act”.

“(v) does not include an individual or entity
that is a seller of manufactured homes unless such individual or entity is
engaged in the business of a loan originator or receives compensation or gain
for engaging in activities described under clause (i) that is in excess of any
compensation or gain received in a comparable cash
transaction.”;
and

(2) by adding at the end the following:

“(E) ENGAGED IN THE
BUSINESS OF A LOAN ORIGINATOR.—For purposes of this paragraph, the term
‘engaged in the business of a loan originator’ means to perform
loan originator activities described under subparagraph (A)(i) as a regular
course of trade or business in exchange for compensation or gain paid solely
for engaging in the sale or distribution of residential mortgage
loans.”.

(A) by striking “(8.5 percentage points,
if the dwelling is personal property and the transaction is for less than
$50,000)”; and

(B) by striking
“or” at the end;

(2) in subclause (II),
by adding “or” at the end; and

(3) by adding at the
end the following:

“(III) by a first mortgage on a consumer’s
principal dwelling that is considered personal property (or is a consumer
credit transaction that does not include the purchase of real property on which
a dwelling is to be placed), the annual percentage rate at consummation of the
transaction will exceed the average prime offer rate, as defined in section
129C(b)(2)(B), for a comparable transaction, by more than—

“(aa) 8.5
percentage points, in the case of a transaction in an amount of $50,000 or
more, but less than $75,000 (as such amounts are adjusted by the Bureau to
reflect the change in the Consumer Price index);

“(bb) 10.5 percentage
points, in the case of a transaction in an amount of $30,000 or more, but less
than $50,000 (as such amounts are adjusted by the Bureau to reflect the change
in the Consumer Price index); or

“(cc) such percentage
points, above those described under item (bb), as the Bureau shall prescribe,
in the case of a transaction that is in an amount of $30,000 or less (as such
amount is adjusted by the Bureau to reflect the change in the Consumer Price
Index);”.